Repossession figures

June 11, 2013 Litigation Services, Residential Property Conveyancing

According to new figures, reposession cases are at their lowest level since 2007.

The news comes at the same time that Bank of England governor Mark Carney said the UK housing market is generally recovering, on the BBC’s Andrew Marr show.

Richard Sexton, director at e.surv chartered surveyors, said: “Falling home owner arrears and repossessions are another barometer that underlines the steady economic recovery…we’re seeing a tangible impact for many ordinary households up and down the country, with repossession cases at their lowest level since 2007.

“The UK’s economic recovery has largely been attributed to low unemployment and rising house prices, as well as record low interest rates.”

Mr Sexton commented, saying: “For the most squeezed households at the bottom the mist is finally starting to lift too, and the number of borrowers in severe arrears has fallen for the first time year-on-year since 2010.”